Cost Framework 1 - Objects

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来自 University of Illinois at Urbana-Champaign 的课程

Managerial Accounting: Cost Behaviors, Systems, and Analysis

422 个评分

University of Illinois at Urbana-Champaign

Managerial Accounting: Cost Behaviors, Systems, and Analysis

422 个评分

课程 1（共 7 门，Specialization Value Chain Management）

In this course, you will learn how to use accounting to facilitate and align decisions made by owners, managers, and employees. You will learn how accountants create, organize, interpret, and communicate information that improves internal processes, and allows organizations to identify and leverage opportunities to create value within the supply chain and with customers. Upon successful completion of this course, you will be able to: • Understand what managerial accounting is and why it is important. • Describe fundamental concepts of managerial accounting. • Apply the financial perspective of accounting for costs. • Identify problems associated with relying on financial accounting information for internal decision making. • Organize cost information according to the decision-making needs of the organization. • Apply activity-based costing (ABC) and recognize the influence of setting and decision characteristics on the relevance of ABC systems. • Address common "what-if" questions using cost-volume-profit (CVP) analysis. • Apply CVP analysis in a variety of scenarios. This course is part of the iMBA offered by the University of Illinois, a flexible, fully-accredited online MBA at an incredibly competitive price. For more information, please see the Resource page in this course and onlinemba.illinois.edu.

从本节课中

Course Overview and Introduction to Managerial Accounting

In this module, you will become familiar with the course, your instructor, your classmates, and our learning environment. Then, you will be introduced to Managerial Accounting and Costing Concepts.

Learning Objectives and Terminology2:58

Cost Framework 1 - Objects3:30

Cost Framework 2 - Behavior3:13

Cost Framework 2 - Behavior Example5:55

What We've Learned in Lesson 1.20:58

Module 1 Review0:49

与讲师见面

Gary Hecht, Ph.D.
Associate Professor of Accountancy
Department of Accountancy, College of Business

[ Silence ]

>> So there are multiple ways

in which we can organize cost information.

The first one is in accordance to the cost object.

For simplicity we'll just think about a product, a good,

that we're manufacturing as the cost object of interest.

And in this framework we'll organize the cost

by relation to that cost object.

There are two main categories.

The first have to do with direct costs.

And examples of that

for a manufactured good include materials and labor

that are directly traceable to that good that we have produced.

A second category is generically referred to as indirect costs.

Indirect costs are necessary costs, but they're difficult

or infeasible to trace to that particular cost object.

They're too general.

So indirect costs, which is often referred to as overhead,

is a catch all category for all these different types of costs

that aren't directly traceable to the good

or the service of interest.

Now, in exploring a little bit more about the indirect costs,

we can think about an example.

Something as simple as a mug that is being manufactured.

Just looking at this very simple product,

you can see materials embedded in it.

You can think about the aluminum casing, you can think

about the plastic insert,

the plastic handle, and the plastic top.

As a matter of fact, there are screws inside of the mug

that connect the handle to the mug.

So in thinking about this good,

you can say that the direct materials are all

of those things that we see in any one particular mug.

And firms often understand the costs of those direct materials

so they understand how much each of those mugs costs in terms

of the materials that are specific to it.

The same thing for labor.

The employees that are responsible for working machines

to form and shape those materials and put them together,

you can see that labor inside each mug.

So the cost that we pay or we incur

to pay those employees are directly traceable to each mug.

It's other costs such as overhead,

examples of which would be utilities costs in the factory,

the electricity it takes to run the machines,

the supervisors' salaries and wages that we pay,

all of the supplies that are necessary to support

but are not directly traceable to each mug, would be construed,

considered to be overhead.

Now, overhead makes things quite difficult,

especially when we talk about multiple product scenarios.

If multiple products or multiple types

of mugs are being manufactured inside the same factory,

then there's an allocation of overhead to the different types

of mugs, and how we allocate those costs influence the

perceived costs of the product.

That ultimately influences the decisions

on which cost information serve.

If this allocation is arbitrary or inaccurate,

it can lead to poor decisions.

Given that the cost information is wrong, so will pricing

and other profitability oriented decisions.

So as you can see, how we organize, classify,

and allocate overhead costs to different products is crucial

in terms of creating accurate cost information.

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